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News Release

Chicago Fed Announces 7th District Advisory Council Members

CHICAGO — The Federal Reserve Bank of Chicago has 12 new members and six returning members of its Seventh District Advisory Council on Agriculture, Small Business, and Labor. All were effective January 1, 2008 and expire on December 31, 2009.

The group is nominated by individuals and organizations representing a broad cross-section of the Midwest economy, along with Chicago Fed senior officials. The Council meets twice a year to provide their views on current business conditions to Chicago Fed president and other senior officials. The purpose of the Council is to promote communication between the Chicago Fed and representatives from business, agriculture, and labor sectors in the Seventh Federal District, which includes most of Illinois, Indiana, Michigan, and Wisconsin, and the entire state of Iowa.

New Council Members

Jeffrey D. Armstrong, Dean and Professor of the College of Agriculture and

Federal Reserve Bank of Chicago Background

The Federal Reserve Bank of Chicago is one of 12 regional Reserve Banks that, along with the Board of Governors in Washington, DC, make up the nation's central bank. The Chicago Reserve Bank serves the 7th Federal Reserve District, which encompasses the northern portions of Illinois and Indiana, southern Wisconsin, the Lower Peninsula of Michigan, and the entire state of Iowa. In addition to participation in the formulation of monetary policy, each Reserve Bank supervises member banks and bank holding companies, provides financial services to depository institutions and the U.S. government, and monitors economic conditions in its District.